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Released: January 13, 2012
Consumer bureau chief looks into Buy Here Pay Here auto dealers
Source: Jim Puzzanghera, L.A.Times (Free Registration)
The new head of the Consumer Financial Protection Bureau is looking into the practices of Buy Here Pay Here auto dealers and the rapid growth of the industry.
Buy Here Pay Here dealers often target poor people and those with bad credit. Unlike conventional auto dealers, who act as middlemen in arranging financing, Buy Here Pay Here dealers lend the money themselves — at interest rates that can top 30%. That direct lending makes them subject to consumer bureau oversight.
Read Full Article: Consumer bureau chief looks into Buy Here Pay Here auto dealers
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